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Spelling I’ll cop to.

I forgot about a utility security deposit in the early 90’s. State had it. They do make you jump through hoops to get it. If I remember correctly, one of the hoops was on fire.

Properly,
that should be
“correctly written American English”.
Probably..

Whatever the difference may be, it certainly makes it easier to read The Agitator these days, now that we’ve all come to an agreement regarding proper American written English…

You should just do what the county club set does when they need legal assistance… uh, wait a minute, they go see lawyers, too… but only because their gardener, nanny and maid are all undocumented aliens who don’t speak English!!! Damn those immigrants and their foreign languages, wanting benefits, education and insurance!!! They’re just like lawyers, sucking dry the people who EARNED their money, like, um, er… well, I’m sure there’s SOMEONE at the country club who has actually worked somewhere other than their father’s brokerage firm sometime in their life…

If this is the case, then I was wrong: the government is not expropriating any money. Good! My only remaining complaints are that I only received a 17-day period in which to notify them, and that the government is contacting me after such a short period of inactivity (about two years).

Thanks again Kip and others for shedding some light on this. Credit where credit is due — this mostly doesn’t appear to be a case of government overstepping its bounds. Hallelujah.

Do you happen to know any details about APL in various states? I can see how it might be a benevolent way for long-lost people and property to be reunited by friendly government, but forgive my skepticism in thinking that governments may use this law to declare as much property “abandoned” as quickly and easily as possible, after which it may flow into government coffers. This is a tendency of government — see our traffic cameras here in D.C., which are placed not at the most dangerous intersections, but where government officials have calculated they will garner the most revenue.

I’m highly suspicious that I have such a short period of time to let Schwab and Uncle Sam know that I’m aware I own my stock portfolio before it gets taken by the feds. I’m also highly suspicious that my financial institution tells me that once the money’s in their system, getting it back “can be a time-consuming process” and that some states “elect to sell the securities we send to them”. That doesn’t mention a grace period.

So Kip, while I can see how the crafters of this law may have had good intentions, the tendency of government to maximize its revenue makes me wonder. If anyone knows any state-by-state details I’d be curious to hear about it.

Just one example of why this system is not just pure evil is for estate purposes. Let’s say you died and neither the beneficiaries nor the executor/administrator of the estate knew of the abandoned account. Either before or after probate, the abandoned property law will allow either the money to find them, or them to find the money.

Similar: what if YOU forgot about the account (say due to incompetency). Again, the APL allows your guardian/conservator/etc. to reunite you with your money.

Another example would be security interests — I might want to “abandon” my assets to evade valid creditors (or are all creditors now evil too?).

“The state holds the funds for a specified period of time before confiscating them.”

Any idea how long this is, T.? The Schwab letter I have states only that reclaiming an expropriated (sorry, but that’s the right word, kids) account “can be a time-consuming process, and some states elect to sell the securities we send them”.

This doesn’t sound benevolent, and doesn’t sound like it’s done for my protection. It sounds like government trying to get its mitts on as much money as it can.

Don’t worry about it in the long run. Eventually there will be regular activity in your account, an annual federal raid on it to help keep Social Security solvent. Because we mustn’t let the rich have an unfair advantage, even in old age.

Generally speaking, keep in mind that there is such a thing as “abandoning property” (at least personal property — real estate is an entirely different matter). I don’t think it’s fair to summarily dismiss this as “the state stealing a portfolio.” As Dr. T points out, there is a benevolent explanation for the escheat laws.